There is no legal distinction made between the assets of the business and the personal assets of the owners in the limited partnership.

Question

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In a limited partnership, there is a legal distinction made between the assets of the business and the personal assets of the owners. The general partners are personally liable for the partnership's debts and obligations, while limited partners have limited liability and are not personally responsible for the partnership's debts beyond their initial investment.

There Is No Legal Distinction Made Between the Assets of the Business